Affordable Housing Drawing Garners Interest for Developer
- Nov 07, 2011
Atlanta—How do you handle the high demand for affordable housing units while remaining fair to the interested residents? Atlanta BeltLine Inc. has a solution—hold a drawing. The developer, which recently purchased Lofts at Reynoldstown Crossing, will hold a one-day sale drawing to qualified buyers.
“We decided to use a drawing because it is an equitable way to purchase units,” James Alexander, Housing and Economic Advisor, Atlanta Beltline Inc. tells MHN.
The sale, which will take place in December, will draw from qualified buyers making under $68,000, which is the median income in the Atlanta market. Eligible homebuyers will receive up to $60,000 in down payment assistance, and monthly mortgage payments are projected to be much lower than surrounding apartments.
“This is an unmatched opportunity for us to be able to provide new affordable homes right on the Atlanta BeltLine in the historic Reynoldstown neighborhood,” Brian Leary, president and CEO of Atlanta BeltLine Inc. said in a statement.
Additionally, many of these homes will become part of a Community Land Trust, which will preserve the affordable apartments.
The development, formerly known as Triumph Lofts, features two-bedroom, two-bathroom lofts that have stainless steel appliances. Building amenities include a rooftop deck, fitness center, hot tub and club room. Alexander says they are also planning on building an electric car charging station for the property.
“We expect a significant interest [in these lofts],” Alexander says.